Third Quarter 2023 Trading Update

Strong growth driving further value creation

Coca-Cola HBC AG, a growth-focused Consumer Packaged Goods business and strategic bottling partner of The Coca-Cola Company, today announces its Q3 2023 trading update.

Third quarter highlights

Another quarter of strong organic growth[1], driven by continued execution of our 24/7 strategy

  • Organic revenue up 15.3%; year-to-date organic revenue growth of 17.0%
  • Organic volume growth of 2.2% was led by our strategic priority categories, with Sparkling +1.5%, Energy +24.8% and Coffee +33.5%
  • Organic revenue per case growth of 12.9%, reflecting the cumulative benefits of revenue growth management initiatives over the last twelve months, across all categories and segments
  • Reported revenue up 3.8%, with strong organic growth offset by FX headwinds in Emerging markets
  • Further improvement in value share gains year-to-date; 110bps gain in Non-Alcoholic Ready-To-Drink (NARTD) and 60bps in Sparkling

Segmental highlights: Broad-based organic revenue growth, with a particularly strong performance in Emerging 

  • Established: Organic revenue increased by 7.7%, led by revenue-per-case expansion, with a mixed volume performance against tough comparatives and varied weather conditions
  • Developing: Organic revenue up 15.9%, with a strong volume performance in Energy and Coffee, partially offsetting weaker volumes in Sparkling, Water and Juices
  • Emerging: Organic revenue up 21.8%, with a strong improvement in volume growth, notably in Egypt

1For details on APMs refer to ‘Alternative Performance Measures’ and ‘Definitions and reconciliations of APMs’ sections.

“We’re pleased to have delivered another solid performance, and a second consecutive quarter of organic volume growth. This was driven by our strong execution, underpinned by a continued focus on our strategic priority categories of Sparkling, Energy and Coffee, as well as our focus on bespoke capability development to drive personalised execution for every outlet. Our sophisticated revenue growth management, powered by data, insights and analytics, is helping us to adapt our initiatives and execution to different consumer environments and successfully balance affordability and premiumisation. As a result, we have both enhanced revenue per case and driven higher levels of market share.

“We continue to invest in our future with a clear focus on delivering against our sustainability agenda. In Austria, we have introduced an industry-leading alternative to plastic shrink film for multipacks of multi-serve bottles, and in Romania, we have invested in recycled PET capabilities to drive packaging circularity.

“We reiterate our guidance for strong growth in 2023 and, despite continued macro uncertainties, we are well placed to deliver on our medium-term targets.”

Zoran Bogdanovic Chief Executive Officer

Q3 2023 vs Q3 2022

Net sales revenue


Net sales revenue per unit case

Growth (%)







Total Group







Established markets







Developing markets







Emerging markets







Business outlook

Our performance in the third quarter was in line with expectations, underpinned by a second successive quarter of organic volume growth and despite tougher trading conditions in some markets. While we remain attentive to macroeconomic and geopolitical risks, we have a high degree of confidence in our broad 24/7 portfolio, the growth opportunities in our diverse markets, enhanced by our focus on execution and prioritised capabilities, and above all, the abilities of our talented people. Our expectations for 2023 are unchanged:

  • We continue to expect mid-teens full-year organic revenue growth
  • We continue to assume COGS/case increases by high-single digits in 2023, as inflationary pressures begin to moderate
  • We continue to expect organic EBIT growth in the range of 9% to 12% in 2023

Conference call

Coca-Cola HBC will host a conference call for financial analysts and investors to discuss the 2023 third quarter trading update on Tuesday 31 October 2023 at 9:30 am GMT. To join the call in listen-only mode please join via the webcast. If you anticipate asking a question, please click here to register and to find dial-in details.

Next event

14 February 2024             

2023 Full-year results


Coca‑Cola HBC Group

Investors and Analysts:


John Dawson

Investor Relations Director (Interim)

Tel: +44 7552 619509

[email protected]

Jemima Benstead

Investor Relations Manager

Tel: +44 7740 535130

[email protected]

Marios Matar

Investor Relations Manager

Tel: +30 697 444 3335

[email protected]

Virginia Phillips

Investor Relations Manager

Tel: +44 7864 686582

[email protected]



Sonia Bastian

Head of Communications

Tel: +41 7946 88054

[email protected]

Greek media contact:

V+O Communications

Sonia Manesi

Tel: +30 694 454 8914

[email protected]

Coca-Cola HBC Group

Coca-Cola HBC is a growth-focused consumer packaged goods business and strategic bottling partner of The Coca-Cola Company. We open up moments that refresh us all, by creating value for our stakeholders and supporting the socio-economic development of the communities in which we operate. With a vision to be the leading 24/7 beverage partner, we offer drinks for all occasions around the clock and work together with our customers to serve 740 million consumers across a broad geographic footprint of 29 countries. Our portfolio is one of the strongest, broadest and most flexible in the beverage industry, with consumer-leading beverage brands in the sparkling, adult sparkling, juice, water, sport, energy, ready-to-drink tea, coffee, and premium spirits categories. These include Coca-Cola, Coca-Cola Zero Sugar, Fanta, Sprite, Schweppes, Kinley, Costa Coffee, Caffè Vergnano, Valser, FuzeTea, Powerade, Cappy, Monster Energy, The Macallan, Jack Daniel’s and Grey Goose. We foster an open and inclusive work environment amongst our 32,000 employees and believe that building a more positive environmental impact is integral to our future growth. We rank among the top sustainability performers in ESG benchmarks such as the Dow Jones Sustainability Indices, CDP, MSCI ESG, FTSE4Good and ISS ESG.

Coca-Cola HBC has a premium listing on the London Stock Exchange (LSE: CCH) and is listed on the Athens Exchange (ATHEX: EEE). For more information, please visit